Top 9 Battery Metals Stocks on the TSX and TSXV (Updated August 2022)
What are the top battery metals stocks? Here’s a look at the battery metals companies with the biggest year-to-date gains so far in 2022.
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Companies focused on these resources are in the limelight, and many are seeing strong year-to-date gains, and below the Investing News Network has gathered the top battery metals stocks on the TSX and TSXV with year-to-date gains, including lithium, cobalt and graphite, with a special mention to nickel.
Only stocks with market caps above C$10 million are included. All data was obtained via TradingView’s stock screener on August 24, 2022, for lithium companies, August 18, 2022, for nickel companies and August 8, 2022, for cobalt companies. No graphite companies on the TSX and TSXV were up year-to-date at the time data was collected. Read on to learn more about the top battery metals stocks of 2022.
Year-to-date gain: 242.86 percent; market capitalization: C$17.06 million; current share price: C$0.24
Nevada Sunrise Gold may have gold in its name, but 2022 has been all about lithium. The explorer wholly owns two lithium projects, the Gemini and Jackson Wash assets, which are located in the Lida Valley basin in Nevada.
According to Nevada Sunrise, the Lida Valley basin shares similar geography to the nearby Clayton Valley basin, where Albemarle’s (NYSE:ALB) Silver Peak lithium mine is located. In addition to its lithium properties, the company owns 100 percent of the Coronado VMS project, 20 percent of the Kinsley Mountain gold project and 15 percent of both the Treasure Box copper project and the Lovelock Mine cobalt project.
In the first quarter, Nevada Sunrise Gold’s share price saw little movement, even as it commenced exploration at Gemini. It wasn’t until the company shared its first drill results on April 18 that its share price broke above C$0.10, jumping from C$0.08 to C$0.14 overnight. Further exploration results at the project, including 1,101 parts per million lithium over 730 feet, continued to drive its share price higher.
After rising through May and early June, the company’s share price hit a year-to-date high of C$0.36 on June 10 off the back of June 6 exploration results showing 327.7 milligrams of lithium per liter of water over 220 feet, as well as private placement news. On July 11, the company shared preliminary results from a May time-domain electromagnetic survey. In late July, Nevada Sunrise received an exploration permit for Gemini that amended the number of boreholes to 12, and in mid-August the company announced that it had engaged the drillers for the exploration program. The Phase 2 drill program will begin in September.
Year-to-date gain: 148.78 percent; market capitalization: C$3.05 billion; current share price: C$32.34
In Minas Gerais, Brazil, Sigma Lithium has its Grota do Cirilo hard-rock lithium project, at which it is currently constructing its Phase 1 operations with expected commissioning by year-end 2022. Sigma anticipates Phase I production of 270,000 metric tons (MT) annually. Additionally, Sigma is constructing its greentech dense media separation production plant, which will make its operations vertically integrated. The company has been recognized by the Bank of America (NYSE:BAC) as part of its “Top 50 Stocks for 10 Scarcity Themes.”
On May 26, Sigma filed a consolidated technical report that looks at two initial production phases for Grota do Cirilo. The integrated operation would source feedstock spodumene ore from the company's Phase 1 and Phase 2 lithium deposits to produce battery-grade, high-purity lithium concentrate. The company pegs the after-tax net production revenue at US$5.1 billion and the after-tax internal rate of return at 589 percent, and states that this expansion scenario "will potentially position (it) as the world’s fourth largest lithium producer." Sigma's share price spiked to its highest point for the first half of the year on May 27, reaching a level of US$18.30.
Most recently, Sigma shared an update on its “transformative” Q2, mentioning the previously announced news that it has increased the resource at Grota do Cirilo by 50 percent; a Phase 3 technical report has now been filed. Additionally, as of the announcement, total construction progress at the project stood at 32 percent. Sigma’s share price climbed through July and August, and after a small drop reached a year-to-date high of US$25 on August 24.
Year-to-date gain: 80 percent; market capitalization: C$18.42 million; current share price: C$0.09
Jourdan Resources is focused on acquiring, exploring and developing hard-rock spodumene lithium projects in Quebec, Canada. Its current projects are the Vallée lithium, Baillarge lithium-molybdenum and Preissac-La Corne lithium projects. According to the company, it has the largest lithium exploration portfolio in Quebec.
Jourdan Resources’ share price saw a spike to start the year — hitting a year-to-date high of C$0.095 — but then fell and performed relatively flatly for much of the first half of the year, staying mostly around C$0.05 to C$0.06. The company’s share price began to rise again in June, during which time it shared exploration results at Vallée, including a highlight of 3.2 meters at 1.56 percent Li2O. Its share price hit C$0.085 in June and again in July.
In July and August, Jourdan continued to release exploration news at its various projects. On July 7, it shared its latest exploration results at Vallée. Later in the month, the company began a soil sampling program at the Preissac-La Corne and Baillarge projects. In the release, CEO Rene Bharti shared the company’s goals moving forward, saying, “Jourdan is pleased to begin exploration on its other significant properties. The Company is keenly focused on establishing an initial mineral resource estimate at Vallée in the near term and commencing a drill program in the near future at its other two properties, Baillargé and Preissac-La Corne.”
Most recently, Jourdan began drilling at Vallée for its Phase 3 summer drilling program. Just days before that news was released, its share price matched its previous high of C$0.095.
Year-to-date gain: 39.13 percent; market capitalization: C$261.57 million; current share price: C$0.48
UEX is a uranium-focused company exploring its Christie Lake project in Saskatchewan’s Athabasca Basin. However, the company's second project is the West Bear cobalt-nickel project in the same jurisdiction, which UEX is exploring through its 100 percent owned subsidiary CoEX Metals.
While the Athabasca Basin is famous for its uranium reserves, according to UEX, it was the first company to discover the basin’s cobalt and nickel potential. In fact, West Bear is the only primary cobalt deposit in Canada. The company also owns two other cobalt exploration projects, the Axis Lake and Key West projects.
In March and much of April, the company performed strongly, mostly holding above C$0.40, including a year-to-date high of C$0.43 on March 22. Although it fell in May, UEX spiked again following significant news for the company in early June, when a proposed acquisition of UEX by Uranium Energy (NYSEAMERICAN:UEC) was announced.
After the deal was revealed, a back-and-forth ensued between Uranium Energy and Denison Mines (TSX:DML,NYSEAMERICAN:DNN), which was also interested in acquiring UEX. Ultimately Uranium Energy was successful, closing its purchase of UEX on August 22, not long after data for this article was gathered.
On August 8, UEX updated the technical report for its West Bear cobalt-nickel project. The new estimate shows indicated reserves of 295,000 MT containing 3.763 million pounds of cobalt at an average grade of 0.58 percent cobalt, and 3.164 million pounds of nickel at an average grade of 0.49 percent nickel.
Year-to-date gain: 11.54 percent; market capitalization: C$176.79 million; current share price: C$0.435
Sherritt International is a miner, producer and refiner of high-purity nickel and cobalt. While nickel is its primary focus, it is still a significant producer of cobalt, and believes both metals are essential to the electric vehicle revolution.
The company operates a mine in Cuba, as well as a refinery in Alberta, Canada, both of which are part of its 50/50 Moa joint venture with Cuba’s General Nickel Company. The vertically integrated joint venture has a capacity of 35,000 MT of nickel and 3,800 MT of cobalt produced per year.
In February, Sherritt released its 2021 production results and 2022 guidance. The company expects to see cobalt production in 2022 in line with its 2021 numbers, and has set guidance of 3,400 to 3,700 MT compared to 2021’s production of 3,526 MT. On March 1, the company announced the appointment of decarbonization expert Chih-Ting Lo to its board of directors, and also named Maryse Bélanger as deputy chair. The focus of these changes is to strengthen Sherritt's commitment to environmental, social and governance matters.
As it’s a nickel-primary company, Sherritt’s share price has seen movement that reflects nickel hitting an all-time-high. Shares shot up to reach a high of C$0.82 on March 10, and have largely stayed elevated since then. On May 11, the company shared its Q1 results, including its portion of finished cobalt production at Moa of 396 MT.
Year-to-date gain: 4.88 percent; market capitalization: C$16.58 million; current share price: C$0.215
Exploration company DLP Resources is focused on base metals and cobalt projects in Southeast BC. It has two wholly owned cobalt projects, the Hungry Creek copper-cobalt-silver project and the Redburn Creek copper-cobalt project.
DLP Resources started the year by appointing a new CEO, the company’s president Ian Gendall. Gendall retained the president position, and the previous CEO, Jim Stypula, became executive chairman. Much of the company’s 2022 exploration has been focused on its non-cobalt projects. However, on July 28, DLP Resources announced the commencement of drilling at Hungry Creek, with 1,800 meters over six holes currently planned.
As of the time of publication, no graphite stocks were up year to date.
Year-to-date gain: 50 percent; market capitalization: C$46.81 million; current share price: C$0.39
Garibaldi Resources is an explorer focused on its high-grade Nickel Mountain project in BC, Canada. According to the company, it discovered Northwest BC’s first magmatic nickel massive sulfide, which is within the E&L intrusion at Nickel Mountain. The discovery contains seven metals, including nickel, copper and cobalt. Exploration highlights include 8.3 percent nickel, 4.3 percent copper and 0.19 percent cobalt over 16.75 meters.
Garibaldi released results from a 2021 ZTEM survey at Nickel Mountain on March 31. According to the release, “the large ZTEM response beneath E&L greatly expands the potential for further discovery beneath and around E&L.” In the week following this news, company shares jumped to a year-to-date high of C$0.63 on April 4. Since then, the company has released follow-up information about the ZTEM results, including the identification of a new pipe-like target, and has announced the purchase of an additional mineral tenure that is contiguous with its Red Lion project.
On May 13, Garibaldi announced that exploration at the Casper quartz gold vein discovery showed 30 grams per MT gold, after which the company saw a small share price spike. At the end of July, the company closed its non-brokered private placement financing after accruing C$2.29 million, which it says will be used to explore its base metals projects. Two days later, Garibaldi announced it was commencing its diamond drill exploration program at the E&L project. It will test the targets that the 2021 ZTEM survey identified.
Year-to-date gain: 23.81 percent; market capitalization: C$15.26 million; current share price: C$0.13
Grid Metals is a nickel explorer and developer working out of Canada’s Manitoba and Ontario provinces. The company holds a portfolio of five projects that all tie into its goal of targeting the battery metals industry. Grid’s flagship project is its Makwa Mayville nickel-copper project, which also hosts platinum-group metals and cobalt mineralization. Near Makwa Mayville is Grid’s Mayville lithium property. The company is also exploring the Donner Lake lithium project. In addition to these, the company owned the Bannockburn nickel property until recently.
The company’s share price rose with nickel to hit a year-to-date high of C$0.23 on March 10. On March 11, it released drill results from its Bannockburn nickel property; the best result was 341.7 meters averaging 0.28 percent nickel. Since then, Grid has released exploration results for two drill holes at Donner Lake and 14 at Makwa Mayville. Grid released further positive news at Donner Lake that extended the Northwest Dyke target, which started a share price gain that met its previous high on May 3; it shared the discovery of high-grade lithium at the project on May 12.
On June 7, Grid Metals and Canada Nickel Company (TSXV:CNC,OTCQX:CNIKF) announced that Grid would be selling Bannockburn to the latter company. In return, Grid Metals will receive 2 million Canada Nickel common shares. The company has since continued its exploration at Donner Lake, sharing drill results and a project update in late July. Most recently, on August 22, Grid Metals announced a strategic financing with the goal of raising up to C$8.52 million.
Year-to-date gain: 7.32 percent; market capitalization: C$174.81 million; current share price: C$0.44
Sherritt International is a miner, producer and refiner of high-purity nickel and cobalt, and its primary focus is nickel. The company operates a mine in Cuba and a refinery in Alberta, Canada, both of which are part of its 50/50 Moa joint venture with Cuba’s General Nickel Company. The vertically integrated joint venture has a capacity of 35,000 MT of nickel and 3,800 MT of cobalt produced per year.
In February, Sherritt released its 2021 production results and 2022 guidance. Among other details, the company revealed it expects a production increase for nickel, from 31,184 MT in 2021 to guidance of 32,000 to 34,000 MT for this year. On March 1, the company announced the appointment of decarbonization expert Chih-Ting Lo to its board of directors, and also named Maryse Bélanger as deputy chair. The focus of these changes is to strengthen Sherritt's commitment to environmental, social and governance matters.
Sherritt’s share price shot up alongside the nickel price to reach a high of C$0.82 on March 10. On May 11, the company shared its first quarter results, including its portion of finished nickel production at Moa of 3,875 MT. More recently, the company released its second quarter results on July 27, with finished nickel production at Moa of 3,704 MT, down slightly quarter-on-quarter. However, year-on-year the company’s numbers were up significantly thanks to increases in battery metals prices. While in Q2 2021 the company incurred a C$10.4 million net loss from operations, it saw positive net earnings of C$81.5 million in Q2 2022.
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Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Canada Nickel Company and Nevada Sunrise Gold are clients of the Investing News Network. This article is not paid-for content.
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